Recently, there's a hot piece of news— a whale has bet 748 million on the three major cryptocurrencies. It seems many retail investors are already eager to follow the trend. But I have to be honest, there's a lot of water in this story.

Having been in the crypto space for so many years, I've seen too many of these maneuvers. The key is to understand a logic: when whales eat up the market, they don't need to call on retail investors to join in. Instead, those widely circulated messages are often released by them to attract catchers. I believe this 748 million operation is exactly that kind of move.

Let me tell you a real case. In 2021, a giant whale invested 1 billion USD long on Ethereum. As soon as the news broke, retail investors went crazy, and ETH surged 20% in the short term. But here’s the key—this whale quietly closed its position and reversed to short. What happened next? ETH plummeted 30%, trapping many retail investors at high levels. That’s the whale’s trick: appearing bullish on the surface, but actually setting a trap for you.

Back to this current event, I see three "pits" that need to be clarified:

The first pit is the "one-sided information trap." Many people only see that the whale opened a 748 million long position, but this whale’s related addresses actually hold over 2 billion USD in stablecoins, and they also opened a 500 million USD short in derivatives markets. In other words, they are not betting in a single direction but are hedging and deploying in multiple ways.

This is the core issue—retail investors always see only the surface direction, while the real operations are often multi-dimensional hedging and strategic layout. True market participants never make money relying on a single move, but retail investors are always blinded by a single piece of news.